A leading aggregator has introduced a new program that allows independent brokerages to utilise its network and services, while still retaining their own brands.
Loan Market’s Bring Your Own Brand (BYOB) program is geared towards enabling established businesses to benefit from its solutions “without relinquishing their investments in marketing or the identities they’ve forged with their clients.”
The program is part of Loan Market’s goal to bring 100 new businesses Australia-wide, into its portfolio before the end of the year.
Andrea McNaughton, executive director at Loan Market, explained, “This is a great opportunity for those companies that are proud of the brand they built and are saying, ‘Hey, we like what we’re doing, but we know we can help our customers a lot more with the right support. We don’t need to change our brand to do that, but we do need better tech and better support'."
According to Sam White, Loan Market executive chairman, the program arose following a series of enquiries from independent brokerages over the last year who felt their values aligned with those of the family-owned aggregator.
“But, still, they wrestle with the thought of walking away from a brand they’ve spent years developing and from which they’re known. I’ve spent the bulk of my working life in Loan Market, so I understand the feeling of attachment to a brand that you have worked hard to create. BYOB solves that conflict,” said White.
BYOB members will receive largely the same support as existing Loan Market businesses, but will not have full access to in-house referrals from sister company, Ray White.
Participation in the new program will only be made available to “quality businesses with scale and who share our vision for customer service.”
McNaughton explained, “We have a full application process. We take business plans and marketing plans. We review their website, look at their compliance, look at where they sit today and where they want to be. We ask, ‘Are they pushing for best practices in their businesses? Are they a good fit for us?’”
Loan Market has piloted the BYOB program with several businesses across Australia, including Green Finance Group, a Brisbane-based specialist in commercial property and equipment lending.
Principal Daniel Green said, “I think Loan Market represents the core reason brokers exist in the marketplace, which is to be the alternative option for customers. They don’t want to deal with big bank culture, issues or attitudes.”
According to McNaughton, brokers and businesses alike seem to find Loan Market’s values “refreshing.”
“We’re the largest privately-owned aggregator. We don’t have any shareholders or institutional executives that we need to provide a return to. We’re just about creating the most valuable businesses we can for our members,” she said.